Maine Revised Statutes Title 32 Sec. 4696 – Registration
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Terms Used In Maine Revised Statutes Title 32 Sec. 4696
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Seller: means a person who sells, leases or distributes or offers to sell, lease or distribute, advertises or undertakes any other act relating to the promotion of business opportunities. See Maine Revised Statutes Title 32 Sec. 4691
Every seller shall register with the Securities Administrator prior to selling, offering to sell, advertising or undertaking any other act relating to the promotion of business opportunities in this State. Registration shall be complete upon paying a $25 fee, filing a copy of the disclosure statement required by section 4692 and providing evidence of a bond or escrow account satisfying the requirements of section 4695. The seller shall update the disclosure statement as material information changes. [PL 1989, c. 542, §3 (AMD).]
SECTION HISTORY
PL 1979, c. 571 (NEW). PL 1985, c. 597, §3 (AMD). PL 1989, c. 542, §3 (AMD).